Chinese video game and entertainment company NetEase beat analyst expectations for its first quarter revenues as the company increased its online games revenue with new game launches and further monetized its music streaming app.
Tencent Holdings reported on Wednesday a 26% year-on-year increase in its revenue for the first quarter of 2020 with its video games business generating more than a third of its revenue.
More than half of the 32 gaming companies listed on the Chinese mainland predicted slowed year-on-year net profit growth for the first quarter of 2020.
On March 21, Ubisoft and Tencent have reached a strategic agreement in which Tencent will operate, release and promote Ubisoft's most successful PC and mobile communications products in the Chinese market. The deal reinforces the link between the world's leading video game developers and China's largest online gaming and social networking operators.